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Today, the U.S. House of Representatives will likely pass by a substantial margin a legislative package — backed by both House Financial Services Committee Chairman Jeb Hensarling (R-TX) and Ranking Member Maxine Waters (D-CA) — being called the “JOBS Act 3.0.” CEI

Senior Fellow John Berlau praised the bill for cutting red tape for investors and small businesses, but warned those gains can only happen if the Senate takes action next.

“Like the original JOBS Act, the Jumpstart Our Business Startups Act signed by President Obama in 2012, this 3.0 legislation is bipartisan recognition that middle-class investors and entrepreneurs need Congress to cut red tape impeding their ability to achieve the American Dream. The bill builds on the important reforms of the original JOBS Act, easing barriers for non-wealthy but experienced investors to buy into private stock offerings and freeing small and midsize public companies from the some of the most onerous mandates of Sarbanes-Oxley and Dodd-Frank. It’s urgent that the Senate complete work on this package and send to the president to be signed into law.”